Yahoo Finance When is the right time to sell your house?
Figuring out when is the right time to sell your house is hard. Even more so in the current property market, when prices are at an all-time high, but interest rates are increasing and there are signs of an impending economic slowdown.
Can you really time the market when it comes to selling your house?
Whether it’s buying or selling a house, it’s hard to predict when prices will hit an all-time low or reach a new peak.
Even with property transaction data, it’s hard to predict the direction of the price movement. After all, these are historical data; they’re recorded after the deals have been sealed. There’s a time lag between what’s happened in the market and what’s recorded.
And who could have predicted that a couple of years after the pandemic hit, housing prices here would reach an all-time high?
Speaking of all-time high prices, let’s say you decide to sell your condo unit now because condo resale prices are now at their peak and have been increasing for the 28th consecutive month (at the point of writing).
But that would also mean you’ll miss the opportunity to sell at a higher price and gain more profit, should prices soar even higher.
Rather than trying to predict if prices will continue to increase, it may make more sense to consider the current market we’re in (which is a seller’s market at the point of writing). But this may be more applicable if you treat your house as an investment. If the main reason to sell the house is to maximise gains, it makes sense to sell it during a seller’s market.
Why it’s good to sell your house during a seller’s market
A seller’s market occurs when there’s high demand. More people are willing to buy and pay higher prices because there’s little supply in the market.
1. You can potentially sell higher than your asking price
Given the high demand and low supply of houses, you can get more viewings and offers.
Potential buyers are more likely to meet your asking price (or even start a bidding war) if your property is highly coveted. Such as this DBSS flat.
Selling a house in a seller’s market will also give you the opportunity to earn a higher profit.
SELLING YOUR PROPERTY? Would you like to know how much your property is worth? Or maybe you’re considering listing your property for sale? Let us know, and we’ll have a consultant reach out to you!
On the contrary, in a buyer’s market when supply is high, but demand is low, buyers may be less willing to meet your asking price.
2. You can unlock the gains faster
Unless the property has many unfavourable features (eg. near the rubbish chute, on a low floor, etc.), if you list it during a seller’s market, there’s a high chance you can sell it quickly. This also means you can unlock the gains faster.
When it’s not good to sell your house during a seller’s market
It can be very tempting to sell your house in a seller’s market. At the same time, you should be cognizant of the next step in your home ownership journey.
1. You need to buy a replacement home
If the house you’re planning to sell is your only property, and moving to live with your family or renting is out of the question, chances are you need to buy a replacement home. In a seller’s market, you’’ll have to buy your new home at a high price.
Properties for sale
448B Bukit Batok West Avenue 9
Singapore 652448 · D23
2
2
732 sqft
$500,000
196B Boon Lay Drive
Singapore 642196 · D22
3
2
1,001 sqft
$590,000
619D Punggol Drive
Singapore 824619 · D19
3
2
1,022 sqft
$550,000
8 Boon Keng Road
Singapore 330008 · D12
3
2
1,280 sqft
$1,288,000
415B Fernvale Link
Singapore 792415 · D28
3
2
1,216 sqft
$759,800
355 Woodlands Avenue 1
Singapore 730355 · D25
4
2
1,259 sqft
$639,888
452 Sin Ming Avenue
Singapore 570452 · D20
4
4
1,571 sqft
$1,250,000
14 Telok Blangah Crescent
Singapore 090014 · D4
3
2
1,281 sqft
$786,000
626 Hougang Avenue 8
Singapore 530626 · D19
2
2
689 sqft
$400,000
224A Sumang Lane
Singapore 821224 · D19
2
2
732 sqft
$465,000
161 Yishun Street 11
Singapore 760161 · D27
3
2
1,324 sqft
$639,999
997C Buangkok Crescent
Singapore 534997 · D19
3
2
1,216 sqft
$750,000
519 Bedok North Avenue 1
Singapore 460519 · D16
2
2
721 sqft
$360,000
7 Boon Keng Road
Singapore 330007 · D12
3
3
1,238 sqft
$1,228,888
810 Tampines Avenue 4
Singapore 520810 · D18
2
2
786 sqft
$420,000
272 Bishan Street 24
Singapore 570272 · D20
3
2
1,163 sqft
$780,000
227 Lorong 8 Toa Payoh
Singapore 310227 · D12
3
2
882 sqft
$489,000
224C Sumang Lane
Singapore 823224 · D19
3
2
1,000 sqft
$668,668
250 Choa Chu Kang Avenue 2
Singapore 680250 · D23
4
2
1,313 sqft
$630,000
104B Edgefield Plains
Singapore 822104 · D19
3
2
90 sqft
$500,000
694C Woodlands Drive 62
Singapore 733694 · D25
3
2
1,216 sqft
$645,000
540 Ang Mo Kio Avenue 10
Singapore 560540 · D20
2
2
731 sqft
$380,000
276B Jurong West Avenue 3
Singapore 642276 · D22
3
2
1,194 sqft
$555,000
292C Bukit Batok East Avenue 6
Singapore 653292 · D23
3
2
990 sqft
$850,000
324 Clementi Avenue 5
Singapore 120324 · D5
3
2
979 sqft
$665,000
665 Yishun Avenue 4
Singapore 760665 · D27
4
3
1,765 sqft
$1,200,000
93A Telok Blangah Street 31
Singapore 101093 · D4
3
2
1,001 sqft
$950,000
395 Bukit Batok West Avenue 5
Singapore 650395 · D23
2
2
989 sqft
$550,000
127 Tampines Street 11
Singapore 521127 · D18
3
2
1,436 sqft
$680,000
180C Boon Lay Drive
Singapore 643180 · D22
3
2
1,001 sqft
$525,888
178 Ang Mo Kio Avenue 4
Singapore 560178 · D20
2
2
731 sqft
$388,000
296C Bukit Batok Street 22
Singapore 653296 · D23
3
2
1,238 sqft
$902,000
90B Telok Blangah Street 31
Singapore 102090 · D4
3
2
1,001 sqft
$950,000
411 Tampines Street 41
Singapore 520411 · D18
4
2
1,484 sqft
$720,000
29 Ghim Moh Link
Singapore 270029 · D10
3
2
1,001 sqft
$975,000
Avila Gardens
11 Flora Rd · D17
4
4
1,755 sqft
$2,150,000
Wallich Residence
3 Wallich St · D2
4
4
1,658 sqft
$6,038,000
Marina One Residences
21 Marina Way · D1
4
4
2,034 sqft
$6,368,000
Skies Miltonia
3 Miltonia Cl · D27
2
2
968 sqft
$1,128,000
8 Farrer Suites
8 Sing Joo Walk · D8
2
3
624 sqft
$1,188,888
Stirling Residences
25 Stirling Rd · D3
3
2
883 sqft
$1,980,000
River Place
62 Havelock Rd · D3
3
3
1,334 sqft
$2,380,000
Marina Bay Residences
18 Marina Boulevard · D1
3
3
1,636 sqft
$4,500,000
Lake Grande
8 Jurong Lake Link · D22
2
2
883 sqft
$1,399,000
Soleil @ Sinaran
6 Sinaran Dr · D11
0
1
495 sqft
$985,000
A Treasure Trove
54 Punggol Walk · D19
2
3
915 sqft
$1,318,888
Vue 8 Residence
89 Pasir Ris Hts · D18
4
3
1,313 sqft
$1,830,000
The Mkz
131 Mackenzie Rd · D9
3
3
732 sqft
$2,000,000
Signature At Yishun
41 Yishun St 51 · D27
3
2
1,098 sqft
$1,300,000
Duo Residences / Duo Tower
1 Fraser St · D7
3
3
1,722 sqft
$5,300,000
Regent Park
26 Jln Lempeng · D5
2
2
807 sqft
$1,200,000
Ripple Bay
4 Pasir Ris Link · D18
2
2
786 sqft
$1,000,000
Elliot At The East Coast
33 Elliot Rd · D15
3
2
2,314 sqft
$3,990,000
Waterscape At Cavenagh
65D Cavenagh Rd · D9
2
2
1,184 sqft
$2,368,000
Lush Acres
3 Fernvale Cl · D28
3
3
1,098 sqft
$1,350,000
The Quinn
11 Bartley Rd · D19
2
1
560 sqft
$980,000
Juniper Hill
39 Ewe Boon Rd · D10
2
1
635 sqft
$1,762,000
Marina One Residences
23 Marina Way · D1
2
2
1,152 sqft
$3,188,000
Aspen Heights
261 River Valley Rd · D9
4
3
1,592 sqft
$3,550,000
Seventy St Patrick's
82 St. Patrick's Rd · D15
2
1
732 sqft
$1,650,086
Eon Shenton
70 Shenton Way · D2
2
1
538 sqft
$1,390,000
Scotts Square
8 Scotts Rd · D9
2
2
947 sqft
$3,360,000
Millage
55 Changi Rd · D14
2
1
1,130 sqft
$1,780,000
Nine Residences
14 Yishun Ave 9 · D27
2
2
700 sqft
$920,000
Marina One Residences
23 Marina Way · D1
2
2
1,173 sqft
$2,942,359
Bellewaters
15 Anchorvale Cres · D19
3
2
1,345 sqft
$1,800,000
Symphony Suites
19 Yishun Cl · D27
3
2
893 sqft
$1,150,000
St. Martin Residence
2 St. Martin'S Dr · D10
3
3
1,701 sqft
$4,500,000
Tanamera Crest
6 Pari Dedap Walk · D16
3
3
1,313 sqft
$1,349,888
Bellewoods
120 Woodlands Ave 5 · D25
3
3
1,066 sqft
$1,288,000
Springleaf Garden
Springleaf Cres · D26
4
5
3,669 sqft
$4,950,000
Glasgow Road
Glasgow Rd · D19
6
4
3,667 sqft
$5,900,000
Picardy Gardens
Jln Pari Burong · D16
5
6
4,143 sqft
$6,880,000
The Berthside
Ocean Dr · D4
5
5
2,531 sqft
$8,000,000
Paterson Garden
Lengkok Angsa · D9
5
6
2,475 sqft
$12,800,000
Greenwood Mews
Greenwood Ave · D11
5
5
3,175 sqft
$4,450,215
Lakeside Grove
Corporation Walk · D22
6
5
1,614 sqft
$2,688,000
Jalan Kakatua
Jln Kakatua · D21
4
5
6,780 sqft
$13,000,000
Ardisia Gardens
Serangoon Terrace · D19
4
5
4,195 sqft
$4,000,000
Loyang Villas
Loyang Rise · D17
5
5
1,615 sqft
$1,980,000
Ocean Drive
Ocean Dr · D4
4
5
8,900 sqft
$33,000,000
Flower Road
Flower Rd · D19
4
4
24,983 sqft
$4,680,000
Capitol Park
Jln Asuhan · D11
3
3
1,825 sqft
$5,360,000
Inggu Road
Inggu Rd · D27
6
6
1,700 sqft
$2,800,000
Horizon Gardens
Ang Mo Kio Ave 2 · D20
6
5
3,055 sqft
$2,688,000
Sennett Estate
Mulberry Ave · D13
6
2
3,100 sqft
$3,580,000
Sembawang Hills Estate
Jln Gelenggang · D20
5
5
2,634 sqft
$5,500,000
Sentosa Cove
Treasure Island · D4
6
7
8,385 sqft
$23,800,000
Seletar Hills Estate
Mimosa Rd · D28
5
7
9,600 sqft
$13,950,000
Joo Chiat Terrace
Joo Chiat Terrace · D15
3
1
883 sqft
$3,200,000
Richards Place
Richards Pl · D19
3
4
2,270 sqft
$3,900,000
Mistral Park
Jln Angin Laut · D16
4
4
5,000 sqft
$5,500,000
Luxus Hills
Seletar Green Ave · D28
5
6
1,615 sqft
$4,200,000
Lentor Villas
Lentor St · D26
5
4
35,122 sqft
$5,888,888
Toh Estate
Upp Changi Rd Nth · D17
6
6
4,329 sqft
$6,400,000
Mandai Garden
Meng Suan Rd · D26
4
5
4,155 sqft
$4,499,000
The Berthside
Ocean Dr · D4
4
2
2,500 sqft
$7,300,000
Thomson Grand
Sin Ming Walk · D20
4
4
5,156 sqft
$4,380,000
Raffles Park
Oriole Cres · D11
10
1
8,514 sqft
$25,000,000
Hillview Estate
Jln Dermawan · D23
4
3
2,800 sqft
$3,500,000
Ocean Drive
Ocean Dr · D4
6
7
6,000 sqft
$24,888,888
Opera Estate
Jln Bangsawan · D15
4
3
1,389 sqft
$3,200,000
Bedok Road
Bedok Rd · D16
6
5
0 sqft
$5,800,000
Greenridge
Greenridge Cres · D21
5
4
2,050 sqft
$4,940,000
Watercove
Wak Hassan Dr · D27
6
7
3,466 sqft
$3,100,000
If the price of the next home isn’t within your means (even with the sale proceeds and home loan), you may want to hold off the home-selling plan.
2. You recently refinanced your home loan
Depending on your home loan, it typically has a lock-in period of two or three years after the refinancing. The bank will charge you an early redemption penalty if you sell your house within this period. This will reduce the gains from selling your home.
Nevertheless, the best time to sell depends on the reason you’re selling
You shouldn’t sell your house just because it’s a seller’s market and everyone around you is selling. The right time to sell depends on why you want to put it up for sale.
1. You’re selling it for financial reasons
For instance, you need to sell your house due to financial difficulties. You may have run into financial trouble and can’t keep up with the mortgage. Or you may want to reduce your debt obligations because interest rates are rising, so you’re considering downgrading to a more affordable home.
Or you just want a newer home, because the current house is getting old and harder to maintain. You feel it’s pointless to spend more money to renovate and maintain it any longer.
In these cases, you should sell the house as fast as possible. It’s not worth waiting longer for prices to go up higher.
2. There are lifestyle changes that require you to move to another house
Perhaps you have another child. Or your two children no longer want to share a room, but the house is too small to accommodate this.
Or maybe your house has stairs, but you’re sick of running up and down the stairs.
But in order to move to a new house, you need the proceeds from selling the current house.
It doesn’t make sense to wait till prices are high to sell, all while enduring the problems that arise because you don’t want to make the move.
3. There’s no significant price growth
The house may be in a good location. But the price has been stagnant for years. On top of that, the URA master plan doesn’t indicate any future developments nearby to support any significant price growth.
In such a case, you may want to sell it and channel the funds to a better-performing property, for instance, one that’s near an upcoming employment hub.
Are you looking to sell your house, but unsure on where to start? Let us help you by connecting you with a property consultant.
If you found this article helpful, 99.co recommends 6 signs and steps to find out if your house has unrealised gains and 6 things every recently MOPed / post-SSD seller must avoid when selling their home.
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